Vermilion Energy Inc (VET) 2023 Q2 法說會逐字稿

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vermilion Energy Q2 Conference Call.

早上好。我叫朱莉，今天我將擔任你們的會議操作員。在此，我歡迎大家參加朱紅能源第二季度電話會議。

(Operator Instructions)

（操作員說明）

Mr. Dion Hatcher. You may begin your conference.

迪昂·海切爾先生。您可以開始您的會議了。

Thank you, Julie. Well, good morning, ladies and gentlemen. Thank you for joining us. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President and CFO; Darcy Kerwin, Vice President, International and HSE; Bryce Kremnica, Vice President, North America; Jason Tan, Vice President, Business Development; and Kyle Preston, Vice President of Investor Relations.

謝謝你，朱莉。那麼，早上好，女士們先生們。感謝您加入我們。我是迪昂·哈切爾 (Dion Hatcher)，Vermilion Energy 總裁兼首席執行官。今天與我在一起的有副總裁兼首席財務官 Lars Glemser； Darcy Kerwin，國際和 HSE 副總裁； Bryce Kremnica，北美副總裁； Jason Tan，業務發展副總裁；凱爾·普雷斯頓（Kyle Preston），投資者關係副總裁。

We'll be referencing a PowerPoint presentation to discuss our Q2 2023 results. Presentation can be found on our website under Invest with Us and Events and Presentations. Please refer to our advisory and forward-looking statements at the end of the presentation. It describes forward-looking information, non-GAAP measures and oil and gas terms used today, and outlines the risk factors and assumptions relevant to this discussion.

我們將參考 PowerPoint 演示文稿來討論 2023 年第二季度的結果。您可以在我們的網站“與我們一起投資”以及“活動和演示”下找到演示文稿。請參閱演示文稿末尾的諮詢和前瞻性聲明。它描述了前瞻性信息、非公認會計準則衡量標準以及當今使用的石油和天然氣術語，並概述了與本次討論相關的風險因素和假設。

Production during the second quarter averaged 83,152 BOEs per day, which was at the top end of our Q2 guidance range of 80,000 to 83,000. We revised our Q2 production guidance in mid-May to reflect the temporary shut-in of approximately 30,000 BOEs a day in West Central Alberta due to forest fires. In the impact of Q2 volumes from the wildfires and the Australia downtime was approximately 8,000 BOEs per day.

第二季度平均產量為每天 83,152 個 BOE，處於我們第二季度指導範圍 80,000 至 83,000 個的上限。我們在 5 月中旬修訂了第二季度生產指引，以反映阿爾伯塔省中西部地區因森林火災而每天臨時關閉約 30,000 台 BOE。受野火和澳大利亞停機影響，第二季度產量約為每天 8,000 個 BOE。

Our team was quick to respond to the fire situation in Alberta and was able to safely restore all of the production within weeks of the initial shut-in, which minimized the impact of the fire. In addition, we achieved strong operational performance across many of our other assets.

我們的團隊對艾伯塔省的火災情況做出了快速反應，並能夠在最初停產後的幾週內安全恢復所有生產，從而最大限度地減少火災的影響。此外，我們的許多其他資產也取得了強勁的運營業績。

We generated $247 million of fund flows and invested $167 million of E&D capital, resulting in $80 million of free cash flow, of which we returned $40 million to shareholders via the base dividend and share buybacks, representing a return of capital payout of approximately 50%.

我們產生了2.47 億美元的資金流，投資了1.67 億美元的E&D 資本，產生了8000 萬美元的自由現金流，其中我們通過基本股息和股票回購向股東返還了4000 萬美元，相當於資本支出回報率約50% 。

During the first half of 2023, we have declared $33 million in dividends and repurchased $54 million of our common shares representing $87 million return to our shareholders.

2023 年上半年，我們宣布派發 3300 萬美元的股息，並回購了 5400 萬美元的普通股，為股東帶來了 8700 萬美元的回報。

We continue to target shareholder returns of 25% to 30% of free cash flow for 2023 with debt reduction remaining the priority until we achieve our next net debt target of $1 billion. Net debt at the end of Q2 decreased slightly to $1.3 billion, representing a trailing net debt to fund flow ratio 1x given the front-end weighting of our capital program, combined with higher forecast production and cash flows in the back half of the year, we anticipate generating more free cash flow in the second half, which should translate to accelerated debt reduction.

我們繼續將 2023 年股東回報率設定為自由現金流的 25% 至 30%，其中債務削減仍然是首要任務，直到我們實現下一個 10 億美元的淨債務目標。第二季度末的淨債務略有下降至 13 億美元，考慮到我們資本計劃的前端權重，加上今年下半年較高的預測產量和現金流，追踪淨債務與資金流量之比為 1 倍，我們預計下半年會產生更多的自由現金流，這將轉化為加速債務削減。

Production from our North American operations averaged 54,064 BOEs per day in Q2, a decrease of 10% or 6,000 BOEs per day from the prior quarter, mainly due to the disposition of approximately 5,500 BOEs a day of higher cost assets in our Southeast Saskatchewan and approximately 4,000 BOEs a day of fire-related downtime in West Central Alberta. We're able to partially offset this impact with organic production growth from Mica, Montney, Southeast Saskatchewan and the U.S. assets, which added approximately 3,400 BOEs a day combined in Q2. All the production that was temporary shut-in as a result of the wildfires has been restored, thanks to the hard work of our employees and contractors.

第二季度，我們北美業務的平均產量為每天54,064 桶油當量，比上一季度減少10%，即每天6,000 桶油當量，主要是由於我們在薩斯喀徹溫省東南部每天處置約5,500 桶油當量較高的資產，艾伯塔省中西部地區每天有 4,000 個 BOE 因火災而停機。我們能夠通過雲母、蒙尼、薩斯喀徹溫省東南部和美國資產的有機產量增長部分抵消這一影響，這些資產在第二季度每天總計增加約 3,400 個 BOE。由於我們的員工和承包商的辛勤工作，因山火而暫時關閉的所有生產均已恢復。

Although there was no major damage to our facilities or well sites, we will continue to monitor the forest fire and take any necessary action to ensure the safety of our people and assets. We again want to thank our operations staff for the safely restoring production during this difficult period.

儘管我們的設施或井場沒有受到重大損害，但我們將繼續監測森林火災並採取任何必要行動，以確保我們的人員和資產的安全。我們再次感謝我們的運營人員在這個困難時期安全恢復生產。

In West Central Alberta, we completed 1 and brought on production 5, Mannville liquid-rich gas wells. By Mica, we drilled 2, completed 4, brought on production 1, Montney liquid-rish gas well.

在艾伯塔省中西部，我們完成了 1 口 Mannville 富液氣井並投入生產 5 口。通過 Mica，我們鑽探了 2 口，完井了 4 口，投產了 1 口 Montney 富液氣井。

In Saskatchewan, we drilled, completed and brought on production 1 oil well. In the U.S., we drilled 7, completed 10 and brought on production 5 oil wells in Wyoming.

在薩斯喀徹溫省，我們鑽探、完井並投產了 1 口油井。在美國，我們在懷俄明州鑽探了 7 口油井，完成了 10 口油井，並投產了 5 口油井。

As part of our activity in the quarter, we participated in the drilling of 2 non-operated Parkman wells and 1 non-operated Niobrara well. We continue to evaluate these formations as it relate to future development prospects on our Powder River Basin, acreage in Wyoming. Across North America, we are seeing strong overall performance from our capital program and ongoing operations, which has helped in mitigating the impact of fire-related downtime in Alberta.

作為本季度活動的一部分，我們參與了 2 口未運營的 Parkman 井和 1 口未運營的 Niobrara 井的鑽探。我們將繼續評估這些地層，因為它關係到我們懷俄明州保德河盆地的未來開發前景。在整個北美地區，我們看到我們的資本計劃和持續運營的整體表現強勁，這有助於減輕艾伯塔省火災相關停機的影響。

Our recent BC Montney wells at Mica continued to perform very well, with minimal decline seen over the first 120 days of production. BC pad results validates our Tier 1 inventory in BC and presents an opportunity for future down spacing. Our 2024 program will be focused exclusively on our BC lands with approximately 10 wells on or offsetting the 16 to 28 pad.

我們最近在 Mica 的 BC Montney 油井繼續表現良好，在生產的前 120 天中產量下降幅度很小。 BC 墊結果驗證了我們在 BC 的一級庫存，並為未來的下間距提供了機會。我們的 2024 年計劃將專門關注我們的 BC 土地，在 16 至 28 塊土地上或偏移大約 10 口井。

We recently received the final permit required for the construction of the 16,000 BOE a day battery on the BC lands and are planning to start site preparation later this year. The majority of this construction will occur in the first half of 2024, and we fund it through a financing agreement with a third-party midstream company. This agreement was part of the Mica acquisition.

我們最近獲得了在 BC 土地上建造每天 16,000 BOE 電池所需的最終許可證，併計劃在今年晚些時候開始場地準備。該建設大部分將在 2024 年上半年進行，我們通過與第三方中游公司達成的融資協議為其提供資金。該協議是 Mica 收購的一部分。

We're excited to execute the next expansion phase and look forward to providing future updates in the quarters ahead. Production from our international operations averaged 29,087 BOEs per day, an increase of 30% from the prior quarter, mainly due to the acquisition of additional working interest in Corrib, which closed on March 31 of this year.

我們很高興執行下一個擴展階段，並期待在未來幾個季度提供未來的更新。我們國際業務的平均產量為每天 29,087 個 BOE，比上一季度增長 30%，這主要是由於收購了今年 3 月 31 日完成的 Corrib 的額外工作權益。

This acquisition added approximately 7,000 BOEs per day of premium priced European natural gas production. Ireland's production more than doubled in Q2 to an average of 11,251 BOEs a day -- due to the closing of this acquisition as well as better-than-forecast operational run rates. In the Netherlands, we completed 1 conventional gas well from our Q1 drilling program. In Germany, we continue to advance our deep gas exploration and development plans as we prepare for our first well we drilled in the fourth quarter of this year.

此次收購每天增加約 7,000 個 BOE 的優質歐洲天然氣產量。由於此次收購的完成以及好於預期的運營運行率，愛爾蘭第二季度的產量增加了一倍多，達到平均每天 11,251 個 BOE。在荷蘭，我們在第一季度鑽井計劃中完成了 1 口常規氣井。在德國，我們繼續推進深層天然氣勘探和開發計劃，為今年第四季度鑽探的第一口井做準備。

In Australia, we completed all remaining inspections and repair work within the primary systems of the platform at the end of Q2 and made preparations to restart the facility. As a result, we expect higher operational run rates with less online downtime in the future. Inspection and repair work completed on the platform was conducted in a safe and efficient manner without incident. We would again like to thank our staff and contractors for their diligence in executing a safe and successful program.

在澳大利亞，我們於二季度末完成了平台主系統內剩餘的所有檢查和修復工作，並為重啟設施做好了準備。因此，我們預計未來運營運行率會更高，在線停機時間也會更少。平台上完成的檢查和維修工作安全高效地進行，沒有發生任何事故。我們要再次感謝我們的員工和承包商在執行安全和成功的計劃時所付出的辛勤努力。

After completing all inspection repair work within the primary systems on the platform, we proceeded to function test all systems as part of the facility restart in early July. During the step, we noted that leak supplying seawater to a secondary area of the deluge fire suppression system to ensure we have addressed any offsetting items, we elected to replace the COR piping at this time, which will delay start up to the end of Q3.

在完成平台主要係統內的所有檢查修復工作後，我們開始對所有系統進行功能測試，作為 7 月初設施重啟的一部分。在此步驟中，我們注意到向雨淋滅火系統的次要區域供應海水的洩漏，以確保我們已經解決了任何抵消項目，我們選擇此時更換 COR 管道，這將延遲啟動到第三季度末。

This is the longest period that Wandoo platform has been offline since Vermilion has operated it. The scope of the repair work itself was mainly pipe valves and fittings and replacements. It was time-consuming process given the logistics associated with working on an offshore platform. In particular, there are a limited number of beds to accommodate workers and the work itself require the assembly and the disassembly of complex gaffing through the platform. All the major work is now behind us. Systems on the platform are function tested and ready for start-up once the seawater piping is replaced.

這是自Vermilion運營以來Wandoo平台下線時間最長的一次。維修工作本身的範圍主要是管道閥門和配件以及更換。考慮到與海上平台工作相關的後勤工作，這是一個耗時的過程。特別是，容納工人的床位數量有限，而且工作本身需要通過平台組裝和拆卸複雜的吊架。所有主要工作現在都已經過去了。平台上的系統經過功能測試，一旦更換海水管道即可啟動。

With these delays in back short-term production and cash flow, it is the right long-term decision as it enhances the safety and the integrity of our asset while improving future operational runs rates. The Wandoo asset has been in our portfolio since 2005 and has generated significant amount of free cash flow over this time frame. 2022 Wandoo crude sold at a U.S. $14 premium to Brent, which drives very strong netbacks. Under current strip pricing, we are forecasting over $100 million of free cash flow from Australia in 2024.

由於短期生產和現金流的延遲，這是正確的長期決策，因為它增強了我們資產的安全性和完整性，同時提高了未來的運營率。 Wandoo 資產自 2005 年以來一直在我們的投資組合中，並在此期間產生了大量的自由現金流。 2022 年 Wandoo 原油以比布倫特原油溢價 14 美元的價格出售，這推動了非常強勁的淨回報。根據目前的帶鋼定價，我們預計 2024 年澳大利亞的自由現金流將超過 1 億美元。

I will now pass it over to Lars to discuss our guidance and financial outlook.

我現在將其轉交給拉斯，討論我們的指導和財務前景。

Thank you, Dion. As a result of the increased scope of repair work on the Wandoo platform in Australia as well as the planned turnaround at the core facility in Ireland, we expect Q3 volumes to be consistent with Q2 guidance of 80,000 to 83,000 BOE a day. As we complete the Australia integrity work and core turnaround, we will be positioned to deliver Q4 production in the range of 86,000 to 89,000 BOE a day. As a result of strong operational execution and performance across our portfolio, we are maintaining our 2023 annual production guidance of 82,000 to 86,000 BOE a day as we have been able to offset much of the impact from the Alberta wildfires and extended Australia downtime.

謝謝你，迪翁。由於澳大利亞 Wandoo 平台的維修工作範圍擴大以及愛爾蘭核心設施的計劃檢修，我們預計第三季度的產量將與第二季度指導的每天 80,000 至 83,000 桶油當量保持一致。當我們完成澳大利亞誠信工作和核心周轉後，我們將能夠實現第四季度的日產量 86,000 至 89,000 桶油當量。由於我們整個投資組合擁有強大的運營執行力和業績，我們維持了 2023 年每天 82,000 至 86,000 桶油當量的產量指導，因為我們已經能夠抵消艾伯塔省野火和澳大利亞延長停工期的大部分影響。

The rest of our annual financial guidance remains unchanged from our last revision. Our disciplined approach towards debt reduction, combined with our asset high-grading initiatives over the past 3 years has made Vermilion a more resilient business today. By the end of this year, we will have nearly cut our debt in half while also funding over $1 billion of strategic acquisitions and have significantly increased our average annual FFO from pre-COVID levels.

我們年度財務指引的其餘部分與上次修訂後保持不變。我們嚴格的債務削減方法，加上過去三年的資產高評級舉措，使 Vermilion 成為當今更具彈性的企業。到今年年底，我們的債務將減少近一半，同時還為超過 10 億美元的戰略收購提供資金，並將我們的平均年度 FFO 較新冠疫情前的水平大幅提高。

While strong commodity prices have contributed to this improvement, we believe the company is much better positioned. Our top decile netbacks, low-base decline, diversified commodity exposure and capital-efficient asset base, combined with our modest base dividend payout, translates to a very resilient business that could be managed through low commodity cycles and is well positioned for increased return of capital to shareholders as debt is reduced.

雖然強勁的大宗商品價格促成了這一改善，但我們相信該公司的定位要好得多。我們最高的十分之一淨回報、低基數下降、多元化的商品敞口和資本效率高的資產基礎，再加上我們適度的基本股息支付，轉化為非常有彈性的業務，可以通過低商品週期進行管理，並為增加回報做好準備。隨著債務減少而向股東提供資本。

As we look out to 2024, we are currently forecasting a significant increase in FFO to over $1.4 billion, assuming a flat production profile. With this, we expect to achieve our next net debt target of $1 billion during the first half of 2024. Consistent with our previous messaging, we plan to increase shareholder returns upon achieving this debt target, and we'll communicate the method and targeted payout range at that time. We anticipate that share buybacks will remain the primary mechanism for returning incremental capital beyond the base dividend.

展望 2024 年，假設產量狀況持平，我們目前預測 FFO 將大幅增加至 14 億美元以上。據此，我們預計在 2024 年上半年實現下一個 10 億美元的淨債務目標。與我們之前的信息一致，我們計劃在實現這一債務目標後增加股東回報，我們將傳達方法和目標支付當時的範圍。我們預計，股票回購仍將是基本股息以外增量資本返還的主要機制。

And as such, we renewed our normal course issue bid in early July and continue to buy back shares. Since July of last year, we have bought back 5.7 million shares. Lastly, I wanted to provide a brief update on our hedge position, in particular, our European gas hedges. European gas has been trading at elevated levels for the past few years, and we believe there has been a structural positive shift in European gas fundamentals as you can see in our forward price on this chart. European gas prices are currently trading approximately 7x higher than AECO gas prices and the forward curve is holding in at around CAD 20 per MMBtu.

因此，我們在 7 月初更新了正常的發行報價，並繼續回購股票。自去年7月以來，我們已經回購了570萬股。最後，我想簡要介紹一下我們的對沖頭寸，特別是我們的歐洲天然氣對沖頭寸。過去幾年，歐洲天然氣的交易價格一直處於較高水平，我們相信歐洲天然氣基本面出現了結構性積極轉變，正如您在這張圖表上的遠期價格中看到的那樣。目前歐洲天然氣價格比 AECO 天然氣價格高出約 7 倍，遠期曲線保持在每 MMBtu 20 加元左右。

This is a very attractive price as it generates high project returns and significant free cash flow from our European gas assets. As such, we have been actively hedging our forward European gas production at or above these levels. For the upcoming periods on European gas in Canadian dollar terms, we have 51% hedged for second half of 2023 at an average price of $30 per MMBtu, 30% hedged for the first half of 2024 at an average floor of $47 per MMBtu and 16% hedged for second half 2024 at an average floor of $25 per MMBtu.

這是一個非常有吸引力的價格，因為它可以從我們的歐洲天然氣資產中產生高項目回報和大量自由現金流。因此，我們一直在積極對沖歐洲遠期天然氣產量，使其達到或高於這些水平。對於未來以加元計價的歐洲天然氣，我們將在 2023 年下半年以每 MMBtu 平均價格 30 美元對沖 51%，在 2024 年上半年以每 MMBtu 平均價格 47 美元和 16 美元對沖 30%。 % 2024 年下半年的對沖平均下限為每MMBtu 25 美元。

We have also been starting to layer in some oil hedges and intend to increase our corporate hedge position from current levels with a view to lock in a reasonable amount of cash flow to provide greater certainty in achieving our debt targets and in support of executing our operational and return of capital plans.

我們還開始分層進行一些石油對沖，並打算在當前水平上增加我們的企業對沖頭寸，以期鎖定合理數量的現金流，為實現我們的債務目標提供更大的確定性，並支持執行我們的運營和資本回報計劃。

With that, I would like to pass it back to Dion for his closing remarks.

至此，我想將其轉交給迪翁，讓他發表閉幕詞。

Thanks, Lars. To further expand on Lars' comments on free cash flow generating capacity. I would like to highlight the following chart, which shows our free cash flow allocation over the past few years. The blue bar shows the total amount of free cash flow generated by the stack partials, how this free cash flow was allocated in each of the years.

謝謝，拉爾斯。進一步擴展拉斯關於自由現金流產生能力的評論。我想強調一下下面的圖表，它顯示了我們過去幾年的自由現金流分配。藍色條顯示堆棧部分產生的自由現金流總量，以及每年如何分配該自由現金流。

As you can see, the majority of our free cash flow, a total of $1.6 billion between 2021 and 2023 was allocated to debt reduction and acquisitions. It's aligned with our strategy of ensuring a strong balance sheet and robust asset base.

正如您所看到的，我們的自由現金流的大部分（2021 年至 2023 年間總計 16 億美元）分配給了債務削減和收購。它符合我們確保強大的資產負債表和穩健的資產基礎的戰略。

Going in 2024, most of that heavy lifting on debt reduction will be behind us, which means we have more free cash flow to allocate the shareholder returns in the years ahead. As you look into 2024, we are positioned to generate significantly higher free cash flow. As I mentioned earlier, we intend to increase the amount of return to our shareholders once we achieve our $1 billion debt target expected during the first half of 2024.

到 2024 年，大部分債務削減的繁重工作將成為過去，這意味著我們有更多的自由現金流來分配未來幾年的股東回報。展望 2024 年，我們將創造顯著更高的自由現金流。正如我之前提到的，一旦我們在 2024 年上半年實現 10 億美元的債務目標，我們打算增加股東回報。

Well, that concludes my prepared remarks. And with that, we would like to open it up for questions.

好了，我準備好的發言就到此結束。至此，我們願意開放提問。

(Operator Instructions)

（操作員說明）

Your first question comes from Amir Arif from ATB Capital.

你的第一個問題來自 ATB Capital 的 Amir Arif。

Just a few quick questions. First of all, just on the Montney side. I think you're planning 10 wells next year. Were you planning on drilling those currently with the construction in the first half. So should we expect Montney production to start being meaningful in the second half in terms of growth? Or is it all the drilling be happening once you've got better clarity on start-up of the facility.

只是幾個簡單的問題。首先，就在蒙特尼一側。我認為您明年計劃打 10 口井。您是否計劃在上半年對目前正在施工的區域進行鑽探？那麼，我們是否應該期望蒙特尼產量在下半年開始有意義的增長呢？或者，一旦您對設施的啟動有了更清晰的了解，所有的鑽探就會開始進行。

Maybe I can take that high level question here. This is Dion. Thanks for the question. As noted on the call, the construction of the battery itself will some of that site prep work will initiate second half of this year, but the bulk will be in the first half of 2024. So from a planning point of view, we would initiate that drilling. But realistically, I think the timeline for that production coming on would be closer to midyear. So that's our assumption or plans right now.

也許我可以在這裡回答這個高級問題。這是迪翁。謝謝你的提問。正如電話會議中所指出的，電池本身的建設部分場地準備工作將在今年下半年啟動，但大部分將在 2024 年上半年啟動。因此，從規劃的角度來看，我們將啟動那個鑽孔。但實際上，我認為該製作的時間表將接近年中。這就是我們現在的假設或計劃。

Okay. And then so Dion, would you drill all 10 wells in the first half? Or the 10 is spread throughout the year for next year?

好的。那麼 Dion，你會在上半年鑽完所有 10 口井嗎？或者明年的 10 分攤到全年？

Well, there's basically 2 -- mainly 2 pads, and so this would be back-to-back drilling. As you can imagine, there's some cost synergies and efficiencies. So yes, we would look to drill those pads back to back and line it up midyear.

嗯，基本上有 2 個——主要是 2 個墊，所以這將是背靠背鑽孔。正如您可以想像的那樣，存在一些成本協同效應和效率。所以，是的，我們會在年中對這些焊盤進行背靠背鑽孔並將其排列起來。

Got it. Appreciate that. And then just a quick question on the Germany. I know you continue to drill that deep exploration gas well over there. Can you just give us an update on when you expect to head TD? And when do you expect to have some results on that?

知道了。感謝。然後是關於德國的一個簡短問題。我知道你們還在繼續在那裡鑽探那口深層氣井。您能告訴我們您預計何時領導 TD 的最新情況嗎？您預計什麼時候能得到一些結果？

Sure. I'm going to ask pass it over to Darcy Kerwin, our Vice President of International. Darcy, do you want to take that one?

當然。我將要求將其轉交給我們的國際副總裁 Darcy Kerwin。達西，你想拿走那個嗎？

Yes. Thanks, Amir. I think as you know, we've been excited about the deep gas exploration potential in Germany. We have successfully drilled deep gas wells there before we drilled Burgmoor Z5 in 2019, that well is still producing nicely for us. And so we're kind of after some pause during the COVID downturn, we put renewed focus on that exploration program, both on the geo side and on the permitting side. So we have a number of interesting prospects to look out there in Germany, and we'll kick off kind of the first of that set of prospects starting here in Q4 2023 with the first exploration well that we plan to drill.

是的。謝謝，阿米爾。我想如您所知，我們對德國的深層天然氣勘探潛力感到興奮。在 2019 年鑽探 Burgmoor Z5 之前，我們已經在那裡成功鑽探了深層氣井，該井仍然為我們帶來良好的產量。因此，在新冠疫情低迷期間暫停了一些之後，我們重新將重點放在勘探計劃上，無論是在地質方面還是在許可方面。因此，我們在德國有許多有趣的前景值得關注，我們將在 2023 年第四季度從我們計劃鑽探的第一口勘探井開始，啟動這組前景中的第一個。

So I guess from a TD point of view, Darcy, we're really looking at early next year with the time we take to spud the well and get those well results.

所以我想，從 TD 的角度來看，Darcy，我們確實在考慮明年初開鑽並獲得良好結果所需的時間。

Yes, we'll spud the well in Q4, and then that well will drill through the end of the year and TD early in 2022.

是的，我們將在第四季度開鑽該井，然後該井將在年底鑽探，並在 2022 年初完成鑽探。

Okay. I appreciate that. And just a final question on the windfall taxes. The TTF gas price was down sequentially quarter-over-quarter, yet windfall taxes were up. Can you just help me understand why would it move with the TTF prices? Is there just a lag in terms of the payments?

好的。我很感激。最後一個問題是關於暴利稅。 TTF 天然氣價格環比下降，但暴利稅卻上升。您能幫我理解為什麼它會隨著 TTF 價格變化嗎？只是付款方面存在滯後嗎？

Yes. Let me pass over to Lars to address that question.

是的。讓我請拉斯來回答這個問題。

Yes. Thanks, Amir. The big reason for the increase in windfall taxes from Q1 to Q2 of this year is the fact that we closed the Corrib acquisition on March 31 of this year. And so in Q2, we started to recognize the production and FFO or free cash flow impact of the incremental 36.5%. So that would explain the bulk of the increase Q1 to Q2.

是的。謝謝，阿米爾。今年第一季度到第二季度暴利稅增加的很大原因是我們在今年3月31日完成了對Corrib的收購。因此，在第二季度，我們開始認識到增量 36.5% 對生產和 FFO 或自由現金流的影響。因此，這可以解釋第一季度到第二季度的大部分增長。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. Please proceed with your closing remarks.

目前沒有其他問題。請繼續您的結束語。

With that, thank you again for participating in our Q2 conference call.

在此，再次感謝您參加我們的第二季度電話會議。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開連接。